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Coventry suspends new lending in equity release

Coventry has suspended its equity release proposition after it removed all its equity release range from the market today.

The building society, whose offering included a popular lifetime mortgage with no early redemption charge, says it has pulled its equity release range so as to review the proposition.

A spokesman says: “We are looking at the cost of lending and as a result will not be offering any new equity release products at this time.”

Coventry could not put a date on a return but says it “may be some time” before a new range of products are released.

The spokesman says: “We remain dedicated to the industry and are still a full member of Safe Homes Income Plans. We will also carry on to service all existing clients.”

Charterhouse Retirement Solutions director Terry Pritchard says: “It is a shame to see such an innovative provider forced to partially close its doors because of the current market conditions. We hope to see them return to full lending soon.”

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  1. Coventry suspends Equity Release
    Shame! Fantastic product (nil redemption penalty) showing they were innovative in coming to the market.
    Hope they come back with similar product and maybe some more innovations.

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